China agrees to increase US imports, boost cooperation on IP protection

China agreed to increase imports of US goods and boost cooperation on protecting intellectual property during trade talks in Washington, Beijing's official news agency said Friday. The two sides "attached great importance to the issues of intellectual property protection and technology transfer and agreed to further strengthen cooperation", Xinhua said.

China also agreed to increase imports of "US agricultural products, energy products, industrial manufactured goods and service products" during the talks on Wednesday and Thursday, the report said. The talks in Washington come as the end -- March 1 -- of the 90-day truce on US-China trade tariffs inches closer.

Last year, the Washington and Beijing imposed tariffs on more than $360 billion in two-way trade in a bruising war that has spooked markets worldwide. US duty rates on USD 200 billion in Chinese goods are due to rise to 25 per cent from 10 per cent if no agreement is reached in time.

In addition to IP protection and boosting US imports, Chinese and American trade officials also agreed that "effective measures will be taken to promote the balanced development of Sino-US trade", said Xinhua in its report.

(With inputs from agencies.)